Slower rise in headline inflation

Inflation rate in May 2021 eased to +4.4% YoY (Jan-May 2021: +2.1% YoY;
Apr 2021: +4.7% YoY) as the double-digit rise in transport costs was offset
by easing food inflation. Core inflation edged up marginally to +0.8% YoY
(Apr 2021: +0.7% YoY). Maintain our full-year 2021 CPI forecast of +2.6%
(5M20201: +2.1%; 2020: -1.2%).